EOS price is surging higher and it broke the .000 resistance level against the US Dollar.The price traded to a new 2020 high at .517 and it is currently consolidating gains.There is a major bullish trend line forming with support near .100 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair is likely to continue higher towards the .000 and .500 resistance levels.EOS price is gaining bullish momentum above the .000 resistance against the US Dollar, similar to bitcoin. There are high chances of more upsides towards .000 or even .000 in the near term.EOS Price AnalysisAfter forming a support base above .000, EOS started a strong upward move against the US Dollar. The bulls were able to clear the .500 resistance area and the 55 simple moving average
Topics:
Aayush Jindal considers the following as important: Altcoin News, EOS, News, Trading
This could be interesting, too:
Steve Muchoki writes Binance Founder Changpeng Zhao Apologizes in Letter to Presiding Judge Ahead of Upcoming Sentencing
Temitope Olatunji writes Figment Soars with Record-Breaking Growth in Q1 2024 and Expanded Staking Services
Chimamanda U. Martha writes Strike Launches Crypto Payment Services in Europe
Godfrey Benjamin writes Ripple IPO: David Schwartz Makes Key Expose on His Stock Option
- EOS price is surging higher and it broke the $5.000 resistance level against the US Dollar.
- The price traded to a new 2020 high at $5.517 and it is currently consolidating gains.
- There is a major bullish trend line forming with support near $5.100 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to continue higher towards the $6.000 and $6.500 resistance levels.
EOS price is gaining bullish momentum above the $5.000 resistance against the US Dollar, similar to bitcoin. There are high chances of more upsides towards $6.000 or even $7.000 in the near term.
EOS Price Analysis
After forming a support base above $4.000, EOS started a strong upward move against the US Dollar. The bulls were able to clear the $4.500 resistance area and the 55 simple moving average (4-hours).
The upward move was such that the price even surged above the $5.000 barrier. Finally, the price traded above $5.000 and a new 2020 high is formed near the $5.517 level.
The price is now consolidating gains above the $5.400 level. An initial support is near the $5.350 level. It coincides with the 23.6% Fib retracement level of the upward move from the $4.729 low to $5.517 high.
More importantly, there is a major bullish trend line forming with support near $5.100 on the 4-hours chart of the EOS/USD pair. The trend line coincides with the 50% Fib retracement level of the upward move from the $4.729 low to $5.517 high.
Therefore, EOS price remains well supported if it dips towards $5.350 and $5.100. Any further losses could lead the price towards the $5.000 support area.
On the upside, an initial hurdle is seen near the $5.500 area. A convincing rally above the $5.500 resistance could set the pace for a move towards the $6.000 resistance area. Any further gains could lead the price towards the $7.000 resistance area in the coming days. An intermediate resistance is near the $6.800 level.
EOS Price
Looking at the chart, EOS price is currently trading nicely above the $5.400 level. It could correct a few points, but the overall price action suggests more gains above the $5.500 and $5.750 levels in the near term. Conversely, a close below $5.100 might spark a major downside correction.
Technical indicators
4-hours MACD – The MACD for EOS/USD is now gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well above the 60 level.
Major Support Levels – $5.350 and $5.100.
Major Resistance Levels – $5.500 and $6.000.